The Commonwealth of Massachusetts demonstrated its deep commitment to housing affordability and accessibility in 2024 with its passage of the historic Affordable Homes Act (AHA). The Community Economic Development Assistance Corporation (CEDAC) was front and center with other state agencies and key housing stakeholders in support of the Healey-Driscoll Administration during this watershed moment.
The bill that was signed by Governor Healey in August was the culmination of many months of work — led by Lt. Governor Kim Driscoll and Executive Office of Housing and Livable Communities (EOHLC) Secretary Edward Augustus.
The $5.16 billion legislative package is the largest ever public investment in housing by the Commonwealth and includes a set of innovative policy provisions and a series of capital funding authorizations to address the housing shortage in Massachusetts. The AHA and related initiatives will support the production, preservation and rehabilitation of more than 65,000 homes statewide over the next five years.
CEDAC will continue to partner with EOHLC and the Department of Early Education and Care (EEC) on five of the bond programs that were reauthorized in the AHA. These bond programs deliver capital financing for the production and renovation of supportive housing and child care facilities.
The legislation also established a Supportive Housing Pool Fund to enable the production and operation of permanent supportive housing for individuals and families with specialized needs. The recognition of this at-risk population's housing and service requirements, and the commitment to addressing those needs, is a testament to the leadership of both the Administration and the Legislature in housing accessibility and affordability.
CEDAC once again enjoyed a very strong year as the agency continued delivering on its mission of providing project financing and technical expertise for CDCs and other nonprofit organizations dedicated to building stronger communities across Massachusetts.
Our talented staff – guided by the CEDAC Board of Directors – worked diligently with 41 community-based nonprofits and our network of more than 20 funders to commit $44.5 million in early-stage financing for 59 projects that will create or preserve more than 2,300 units of affordable and supportive housing. Through the Children's Investment Fund, we helped finance 11 early education and child care facilities by arranging loans or grants totaling $2.1 million.
In addition to our primary mission of providing project financing and technical expertise, CEDAC made an impact through its management of valuable public resources such as the Home Modification Loan Program (HMLP) that assists homeowners and small landlords to finance necessary home accessibility improvements.
The Healey-Driscoll Administration has given the Commonwealth important new tools for addressing our housing needs. The community development organizations and other nonprofits that we serve continue to be great partners with CEDAC. Our network of both private and public sources of financing is stronger than ever. Together we look forward to issuing many more financing commitments in 2025 that will enable additional transformative housing communities in the years to come.
In this report, you will learn about the housing and child care projects that were completed in 2024 with the help of CEDAC. We think you will be impressed by the variety of projects we have financed and the diversity of the communities we have served. We hope you enjoy learning more about our organization's ongoing work.
Roger Herzog
CEDAC Executive Director
Jennifer Maddox
CEDAC Board Chair
Deputy Secretary, Executive Office of Housing and Livable Communities
In 2025, CEDAC will mark a major milestone in the agency's 47-year history when we bid farewell to our longtime Executive Director, Roger Herzog.
Roger joined CEDAC in 1999 and has played a pivotal role in advancing the agency's mission and culture. As Executive Director since 2008, he has worked with the dedicated CEDAC board and staff to support the creation and preservation of affordable housing through its partnerships with community development corporations (CDCs) and other nonprofit housing organizations.
Under Roger's leadership, CEDAC led efforts in 2009 to implement MGL Chapter 40T, the state's affordable housing preservation law. With funding support from the MacArthur Foundation, CEDAC and its state agency partners established a preservation infrastructure with data, financing, and interagency coordination that has proven highly effective in securing long-term affordability for most of the at-risk subsidized housing stock.
CEDAC has also played a lead role in efforts to expand the creation of permanent supportive housing (PSH) in Massachusetts. Roger served as chair of the Supportive Housing Production and Services Committee, an interagency initiative begun in 2013 that has fostered the development of thousands of PSH units for vulnerable populations.
In addition to his strong and compassionate leadership of CEDAC, Roger has supported the work of CEDAC's affiliate, the Children's Investment Fund, which provides financing and technical assistance to nonprofit early education and out of school time providers.
As Roger embarks on the next phase of his remarkable career, CEDAC wishes to express its deepest gratitude on behalf of the entire Commonwealth of Massachusetts for his decades of dedicated public service.
